China 

China’s army of migrant workers is becoming older and less mobile, new government data shows

China’s army of migrant workers, a source of cheap labour in the world’s second biggest economy, is greying and becoming less mobile, according to the latest annual survey conducted by the Chinese government.A report published by National Bureau of Statistics (NBS) on Monday showed that China had 288.36 million migrant workers at the end of 2018, a rise of 0.6 per cent from a year earlier.However, these migrant workers have become less willing to travel far from home to look for work, with many… Source link

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Taiwan’s real estate awaits with bated breath as race warms up to find a Beijing-friendly president

A park in Taipei with the Taipei 101 skyscraper in the centre on Saturday, March 30, 2019. According to Knight Frank’s 2019†Wealth Report, Taipei was eighth in a global list of cities ranked by the number of ultra-high-net-worth individuals, with 1,519 people who have at least $30 million in assets. And the property firm predicts that number will rise to 1,864 by 2023. Photo: Bloomberg Source link

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Russia’s plans for Artic gas may be an alternate source for China’s energy needs, sate Chinese appetite for US energy products

The United States, the largest potential new supply of natural gas on earth, may have to contend with a formidable competitor in the Arctic Circle, after Russia’s second-biggest producer Novatek’s agreement last week to sell 20 per cent of its Yamal Peninsula project to Chinese state oil companies.The deals with CNOOC and China National Petroleum Corp – the parent of listed PetroChina – were announced at last week’s Belt and Road Initiative forum in Beijing. They are pending due diligence and… Source link

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ByteDance faces global learning curve as TikTok runs afoul of local regulators

ByteDance, the world’s most valuable start-up, is facing a steep learning curve on its international expansion, as its popular short-video app TikTok gets embroiled in regulatory issues in different overseas markets.TikTok, known as Douyin in mainland China, has become one of the most heavily downloaded apps worldwide since it was launched in 2016, but that rapid growth has been marred by recent problems with regulators in Indonesia, the United States and India.“Those problems suggest a lack of… Source link

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Money 

Who’s really behind that Vancouver mountain? A boss at troubled Chinese investment giant CMIG

When Kenny Zou appeared before Canadian media in 2017, he was adamant about the new buyer of Vancouver’s Grouse Mountain, the iconic ski hill that looms over the city, its floodlit slopes a gleaming beacon at night: CM (Canada) Asset Management was a “completely Canadian company through and through”.Yes, Chinese investment giant China Mingsheng Investment Group (CMIG) was a 40 per cent minority shareholder – but it would be a “silent” investor, he pledged, stamping down on reports that Grouse… Source link

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Chinese stock market’s fast and furious April was rooted in fear of a monetary policy turn

The Chinese stock market experienced a “fast and furious” month in April. The market kicked off the month on an optimistic note following the release of stellar Purchasing Manager Index figures. Many investors were hoping for another bull market, but quickly the major stock indices erased almost all the monthly gains towards the end of April. What caused this roller-coaster ride?At first glance, the pullback does not make sense as China reported quite decent gross domestic product growth and… Source link

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China 

China closes online currency regulation loopholes to ease fears over foreign exchange transactions

China has upgraded a set of “provisional guidelines” into mandatory rules covering its 134.7 billion yuan (US$20 billion) of online cross-border foreign currency transactions, as worries about the possibility of large capital outflows continue to haunt the world’s second largest economy.The State Administration of Foreign Exchange (SAFE) announced on Monday that it will require all the cross-border payment businesses, which mainly provide services for individuals and corporations using e… Source link

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US security concerns force Cosco-owned Orient Overseas to sell Long Beach port in California

A Hong Kong-based company has been forced to sell its American container port after the US government raised security concerns about its parent being a Chinese state-owned shipping giant.Orient Overseas (International), which is majority-owned by Cosco Shipping Holdings, will sell off its entire interest in Long Beach Container Terminal in California for US$1.78 billion (HK$13.97 billion) in cash, according to a stock exchange filing on Tuesday morning.The sale to a US infrastructure fund is… Source link

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China 

China’s white-collar workers earned less in first quarter of 2019 despite signs of economic recovery, survey finds

The average salary for white-collar workers in China fell in the first quarter of 2019 despite an economic recovery, according to a report by a major Chinese job website on Tuesday.In the first three months of 2019 the average monthly salary dropped to 8,050 yuan (US$1,195) from 8,096 yuan in the fourth quarter of 2018 due to increased competition for vacancies, according to Zhaopin.com after a survey of job data on its platform covering 37 cities.The results of the survey offer far less… Source link

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Alibaba in US$250 million settlement of lawsuit over regulatory meeting ahead of its 2014 IPO

Alibaba Group Holding, China’s largest e-commerce services provider, has agreed to pay US$250 million to settle a US lawsuit over the company’s failure to disclose that its executives met with Chinese regulators to discuss counterfeit goods sold on its largest retail platform, several months before the firm went public in 2014.New York-traded Alibaba and its senior executives deny any wrongdoing in the settlement, which “does not constitute an admission or finding that the claims asserted has… Source link

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